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Altcoins Bleed, Bitcoin Crashes as Total Crypto Market Cap Erases Another $150 Billion: Market Watch

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Bitcoin just can’t catch a break these days as another leg down pushed it south to well below $62,000 earlier today, and the subsequent recovery attempt was halted in its tracks.

The altcoins have bled out again, heavily, and the total crypto market cap has plunged toward $2.250 trillion.

BTC Sees New 4-Month Low

Although bitcoin’s troubles began at the end of May, they actually intensified substantially as the new month began. In fact, the asset stood above $73,000 on June 1, but the bears were quick to resume control of the market and initiate several consecutive leg downs.

As reported earlier this week, BTC first lost the $70,000 support level, but that was just the beginning. It kept dropping in value and slipped below $66,000 yesterday. After a brief but unsuccessful bounce to $67,000, the cryptocurrency went downhill again and dumped to just over $61,000 earlier today for the first time since the February crash.

After leaving more than $1.6 billion in liquidations across the entire market, BTC rebounded slightly to $64,000, where it faced another rejection. As of press time, the asset trades below $63,000, showing a 14% decline on a weekly scale.

Its market cap has tumbled to $1.260 trillion on CG, and its dominance over the alts is down by over 2% in the past week to 55.6%.

BTCUSD June 4. Source: TradingView
BTCUSD June 4. Source: TradingView

Alts Still Very Red

The altcoins are in no better shape today. In fact, most have charted even more profound declines. Ethereum is down to $1,750, hitting a 14-month low earlier today. SOL has plunged below $70 after a 9% daily decline. XRP dropped below $1.15 earlier today before rebounding very slightly.

ADA slumped below $0.19 for the first time in years. BNB is below $600 after a 7% decline. ZEC, DOGE, LINK, AVAX, and many others are deep in the red as well. WLD is among the few exceptions with a notable 11% surge during this time of distress.

NEAR, TON, and RENDER have dumped the most, losing up to 18% of value daily.

The total crypto market cap has erased another $140 billion in just a day and is below $2.270 trillion as of press time.

Cryptocurrency Market Overview June 4. Source: QuantifyCrypto
Cryptocurrency Market Overview June 4. Source: QuantifyCrypto

 

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